Published: Tue, February 05, 2019
Money | By Ralph Mccoy

Canadian retailer Sunrise Records buys HMV stores

Canadian retailer Sunrise Records buys HMV stores

The Canadian retail giant will buy 100 of HMV's stores securing almost 1,500 jobs, but 27 unprofitable shops will close immediately, resulting in 455 redundancies.

The UK's biggest high-street music chain, hmv, has been bought out of administration by Doug Putman, owner of Canada's Sunrise Records (which also previously fell under the hmv title until he rebranded). Unfortunately, 27 stores have not been acquired, and will be closed with immediate effect, resulting in 455 redundancies.

The administrators will retain a further 122 employees at warehouse functions to assist them in winding down operations.

It was the second time HMV has collapsed in recent years, having filed for administration in 2013.

Pompeo calls on countries to 'pick a side' in Venezuela crisis
Britain rejected Venezuela's request to withdraw $1.2bn in gold stored in the United Kingdom , according to reports. He said Cuba has sent "security and intelligence thugs" to sustain Maduro's "illegitimate rule".

Donald Trump’s rage at governor in row over racist photo
Northam oversaw a regularly scheduled Cabinet meeting Monday morning that a source inside the meeting described as "solemn". Northam said he regrets that he didn't understand "the harmful legacy of an action like that".

Boston Fans Bask In Victory After 6th Patriots Super Bowl Win
The overall point total of 16 - 13 Patriots , 3 Rams - was the lowest of any Super Bowl in National Football League history. The Patriots and Rams managed a combined tally of 16 points, marking the lowest scoring Super Bowl on record.

Putnam, the owner of toy and games distributor Everest Toys, said however that physical music and entertainment formats had a future, and he would aim to replicate the success of Sunrise Records, which he bought in 2014. We hope that Government will play its part in helping to sustain important employers like HMV by reviewing the high levels of business rates that disadvantage physical stores compared to online traders.

We see hmv continuing on in the United Kingdom for a long time. We get awesome support, which is great. The stores will continue to trade as HMV, with four stores continuing to trade as Fopp.

The 54-year-old Sports Direct founder has already bought Evans Cycles and House of Fraser in cut-price deals within the last six months.

The department store chain was reportedly considering making a move through a company voluntary agreement (CVA), enabling it to renegotiate its rent payments with landlords and accelerate the closure of shops.

Like this: